- Savient Pharmaceuticals (SVNT) files voluntary Chapter 11 petitions.
- The company is pursuing a sale under Section 363, with "stalking horse" bidder Sloan Holdings set to acquire Savient's assets for about $55M.
- The Sloan deal sets a floor price for a court-supervised auction.
- The assets in particular include Krystexxa, Savient's uric acid-specific enzyme indicated to treat chronic gout.
Savient Pharmaceuticals files Chapter 11
Oct 14 2013, 20:11 ET